ACCT 3210: INDIVIDUAL TAXATIONIN CLASS EXERCISE (5 POINTS GROSS INCOME 2 1. What

Question

ACCT 3210: INDIVIDUAL TAXATIONIN CLASS EXERCISE (5 POINTS GROSS INCOME 2 1. What is Lisa's total gross income if: 1) she received $100 in Social Security benefits; 2) she won S200 playing blackjack at a casino: and 3) she found a gold bracelet with $300 fair market value? What is Anne's total gross income if: 1) her employer reimbursed her for S100 of her job related moving expenses: 2) she had a $200 gain when she sold her home after living in it for 10 years; and 3) she saved $300 by having her son at her employer's daycare facility? 2. 3. What is Mark's total gross income if: 1) he had a $100 gain from selling his home he owned for less than 2 years because someone broke into house and committed suicide; 2) he received $200 of unemployment compensation; and 3) when his wife died, he received $300 of death benefits from her employer? 4. What is Harry's total gross income if: 1) as airline pilot, he flew free on a flight to Chicago, which was worth $100; 2) he received $200 worth of workers' compensation: and 3) his employer, the airlines reimbursed his $300 tuition for attending flight safety course? 5. What is Navy Seal, Shane's total gross income if: 1) the Navy reimbursed him $100 for moving overseas as per Navy's orders; 2) he made $40 worth of phone calls on his office which was provided by the Navy? phone; and 3) the Navy paid the $300 premiums due his life insurance policy,

Explanation / Answer

1.

Gross income in the US includes Social Security benefits, income from casino, and fair value of goods found.

Total gross income = Social security benefits + Income from casino + Fair value of bracelet

                                    = $100 + $200 + $300

                                    = $600 (Answer)

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